ABC already released its upcoming fall schedule and unfortunately, The Knights of Prosperity was not included in the lineup. After announcing some changes in the airing schedule and consequently pulling out the comedy series from its primetime niche, the network decided to cancel the show officially on May 15, 2007.

Despite the distinct comedic plot and the marketing efforts generated by the network and its fans, which included an online petition from a group called “Save The Knights,” and promotional merchandise distributed by ABC in a number of markets, attempts to keep Knights of Prosperity alive generally failed.

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"It was a show that we all really loved, and [there were] a lot of factors [that led to the decision to cancel it]," said Stephen McPherson, president of ABC, in a conference call with the press. "In the end, [it was] performance that we were baffled by. We thought they did a great show."